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Solvency margin

In its half year Solvency Return filed with the Reserve Bank of New Zealand, Southern Cross Benefits Limited had a Solvency Margin as at
31 December 2016 as follows: 

      $000
Minimum solvency capital    7,857
Actual solvency capital  13,579
Solvency Margin    5,722
Solvency Ratio      1.73
Southern Cross Pet Insurance is underwritten by Southern Cross Benefits Limited. Southern Cross Benefits Ltd has an A (Strong) financial strength rating given by Standard & Poor’s (Australia) Pty Limited. The rating scale is: AAA (Extremely Strong), AA (Very Strong), A (Strong), BBB (Good), BB (Marginal), B (Weak), CCC (Very Weak), CC (Extremely Weak), SD or D (Selective Default or Default), R (Regulatory Action), NR (Not Rated). Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Full details of the rating scale are available at www.standardandpoors.com. Standard & Poor’s is an approved rating agency under the Insurance (Prudential Supervision) Act 2010. © Southern Cross Benefits Ltd